The Reserve Bank of India has issued a non-banking financial company license to the Ford Credit India Limited (FCIL) to commence its operations in the country. Ford Credit India Limited (FCIL) is the Indian subsidiary of the Ford Motor Credit Company. FCIL is planning to setup its first dealer financing in and around the first quarter of 2015, which would be later followed by the consumer retail financing.
Mark Constable, Managing Director (MD), Ford Credit India, said, “We are very pleased to be launching Ford Credit India early in 2015. Ford Credit has 55 years of global experience in automotive financing. Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India.”
Ford India, as of now, has over 300 dealerships in 164 cities and an investment of around 2 Billion USD is underway to further consolidate its position in the country. Half of the aforesaid sum would be utilized on a new manufacturing unit in Sanand, Gujarat, doubling the brand's capacity to 610,000 engines and 440,000 cars per year.
Nigel Harris, President & Managing Director, Ford India said, “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers. Ford Credit is a great partner and helps us meet customer needs globally. We are excited to have the team establishing operations here to support our growth plans.”